Mar 1, 2022
 in 
Precious Metals

Roscan Gold (TSX.V: ROS) arranges $5-million private placement with Strategic Investors

Roscan Gold - Crunchbase Company Profile & Funding

ROSCAN GOLD (TSX.V: ROS) ANNOUNCES C$5.0 MILLION NON-BROKERED PRIVATE PLACEMENT

Roscan Gold Corp. (TSX.V: ROS) has arranged a $5-million non-brokered private placement with strategic investors to advance the company's 100-per-cent-owned Kandiole gold project in western Mali.

The strategic investors have agreed to subscribe for and purchase 12.5 million common shares at a price of 40 cents per share for aggregate gross proceeds of $5-million. The price per share reflects an 11-per-cent premium to the 30-day volume-weighted average price to Feb. 25, 2022.

Nana Sangmuah, president and chief executive officer, said: "We are pleased to welcome new strategic investments into the company. This new strategic investment will allow Roscan to continue to unlock value on our highly prospective land package as we continue to advance discussions with additional cornerstone investors for up to 19.9-per-cent investment in the company."

The company will use the proceeds of the strategic investment to finance its exploration program toward maiden resources over its 401.8 square kilometres of area and multiple high-potential targets as the company builds toward its maiden resource estimate in the second quarter of 2022.

The closing of the offering is expected to occur on or before March 31, 2022, and remains subject to a number of conditions, including the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. In connection with the offering, a finder's fee will be payable in line with the policies of the TSX-V.

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